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FSOT: 500 Test Prep Study Questions

Category - Mathematics & Statistics

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If simple interest is calculated using the formula A=P(1+nr) where A is total principle and interest, P is principle, n is number of years, and r is rate, what would be the simple interest earned on an investment of $2000.00 at 12.5% for 9 years?

$4,250.00
$2,250.00
$1,250.00
$250.00

Explanation

Answer: B - $2,250.00

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